The firm also raised its estimates on the global security and aerospace company to $2.75 per share for the current quarter, from $2.60, and to $11.20 from $11, for the 2014 full year.
Jefferies said it upped its numbers on Lockheed Martin based on the company's new sales opportunities and cost cuts.
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Shares of Lockheed are down 0.11% to $167.62 at the start of trading today.
Separately, TheStreet Ratings team rates LOCKHEED MARTIN CORP as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:
"We rate LOCKHEED MARTIN CORP (LMT) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its solid stock price performance, growth in earnings per share, increase in net income, good cash flow from operations and notable return on equity. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."
Highlights from the analysis by TheStreet Ratings Team goes as follows: